California’s Governor Gavin Newsom has signed a law that bans certain memecoins in the most populous American state.<\/p>\n
Specifically, the law prevents the state’s public officials from issuing memecoins or other cryptocurrencies representing a famous personality, internet joke, or viral trend.<\/p>\n
The move comes after U.S. President Donald Trump has made millions of dollars from issuing his own memecoins.<\/p>\n
More From Cryptoprowl:<\/p>\n
The memecoin ban was signed into law along with several other bills related to cryptocurrencies that concern corruption and consumer protection.<\/p>\n
Other legislation outlines the rules for paying back victims of cryptocurrency scams and creates a legal process to seize crypto from criminal networks.<\/p>\n
Newsom’s office titled the announcement of the new crypto legislation “THE OPPOSITE OF TRUMP,” accusing the president of self-dealing with his TRUMP coin (CRYPTO: $TRUMP).<\/p>\n
It’s not immediately clear if the ban in California covers meme tokens already in existence, such as $TRUMP.<\/p>\n
The U.S. president launched his $TRUMP memecoin three days before his 2025 inauguration, and the frenzy was so intense that the price rose from less than $1 U.S. to $75 U.S. in a day.<\/p>\n
However, purchasers of the $TRUMP memecoin later lost a combined $3.81 billion U.S. as its price dropped sharply.<\/p>\n
Trump’s financial disclosure lists $636 million U.S. in royalties from the memecoin. The $TRUMP memecoin is currently trading at just over $2 U.S. per token.<\/p>\n
California Governor Gavin Newsom is widely seen as a 2028 presidential candidate for the Democratic party.<\/p>\n","protected":false},"excerpt":{"rendered":"California’s Governor Gavin Newsom has signed a law that bans certain memecoins in the most populous American state.…\n","protected":false},"author":2,"featured_media":478330,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[7,9,8,457,2803,21220],"class_list":["post-478329","post","type-post","status-publish","format-standard","has-post-thumbnail","category-california","tag-california","tag-california-headlines","tag-california-news","tag-gavin-newsom","tag-president-donald-trump","tag-public-officials"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/478329","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/comments?post=478329"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/478329\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/478330"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=478329"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=478329"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=478329"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}